Revisions to several key provisions of the Federal Rules of Civil Procedure (FRCP) took effect on December 1, 2015, and will have a significant impact on discovery procedure and practice in federal court. The aim of these revisions is to reduce discovery costs by promoting proportionality in the discovery process, requiring parties to be transparent
Community Banks Face Ever-Increasing Compliance Burden As a Result of Dodd-Frank Rules
According to a “Dodd-Frank Regulations Impacts on Community Banks, Credit Unions and Systematically Important Institutions” report recently released by the Government Accountability Office (GAO), community banks continue to experience increases in compliance burdens as a result of newly-issued rules that implement the Dodd-Frank Wall Street Reform and Consumer Protection of 2010 (Dodd-Frank Act), the most
New Acting Deputy Director David Silberman of the CFPB Appointed Without Advice and Consent
Last week, the Consumer Financial Protection Bureau (CFPB) Director, Richard Corday, appointed David Silberman as the new Acting Deputy Director of the CFPB. Silberman will replace Meredith Fuchs, who previously served as both Acting Deputy Director and General Counsel. Silberman currently serves as Associate Director for Research, Markets, and Regulations, a position he has held
Video Interview: Discussing Possible Cybersecurity Recommendations from the NY Department of Financial Services
The New York Department of Financial Services (NYDFS) recently surveyed the companies that it regulates to assess cybersecurity risks. After examining the surveys, the NYDFS seems prepared to propose regulations governing how financial institutions can better monitor and manage risk from a liability perspective.
In line with a similar survey by the Office of
The Eleventh Circuit Issues Two Unanimous Opinions Finding No Private Right of Action Under TARP
On October 3, 2008, George W. Bush signed the Troubled Asset Relief Program (TARP) into law as part of the government’s efforts to combat the subprime mortgage crisis and shore up the faltering economy. In general terms, TARP allowed the U.S. Department of Treasury to purchase or insure up to $700 billion of troubled assets,
Nevada State Court Ruling on Application of HERA to HOA Foreclosure Sales Holds Promise for Lenders and GSEs
The first Nevada state court ruling on the federal Housing and Economic Recovery Act (HERA) holds that a deed of trust owned by a GSE cannot be extinguished by a homeowners’ association’s (HOA) foreclosure sale, a promising development for Fannie Mae, Freddie Mac, and lenders embroiled in quiet title cases with purchasers from HOA foreclosure
FHFA Proposes Rule on Fannie Mae’s & Freddie Mac’s Duty to Serve Underserved Markets
Pursuant to the Housing and Economic Recovery Act of 2008, which amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, federal law requires the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to facilitate a secondary market for mortgages on housing for very low-, low-,
Fifth Circuit Court of Appeals Clarifies Abandonment of Loan Acceleration
The Fifth Circuit Court of Appeals recently clarified how mortgage lenders and servicers can abandon a loan acceleration under Texas law. Although Texas generally requires foreclosure actions to be brought no more than four years after a loan is first accelerated, the holding in Boren v. U.S. National Bank makes clear that in certain situations
Third Party Service Providers Remain in the Spotlight
Yesterday, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective (the “Semiannual Risk Perspective”). The Semiannual Risk Perspective covers “key issues facing banks, focusing on those that pose threats to the safety and soundness of banks and their compliance with applicable laws and regulations.” While the OCC identifies four main
New York DFS Set to Regulate Cybersecurity Rules
On November 9, 2015, the New York State Department of Financial Services (“NYDFS”) issued a letter to several federal regulatory agencies and trade organizations advising of potential new state regulations intended to increase cybersecurity in the financial services industry. The NYDFS issued the letter following risk assessments performed in 2014 and 2015 that identified industry-wide